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I own a business in florida and rent office space. My landlord sent a notice that a late fee of 10% and the maximum allowable daily interest rate for each day past due will be due if rent is not paid by the 5th. What is the maximum late fee they are allowed to charge and when can they charge it.

Asked on 12/13/07, 10:27 am

2 Answers from Attorneys

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

They can charge a late fee whenever the lease provides. The rent should be paid by the 5th day of each month to avoid late fees. Generally, interest on late payments is 18% per annum. I am not sure what the maximum rate is that would be allowed for interest.

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

They can charge a late fee whenever the lease provides. The rent should be paid by the 5th day of each month to avoid late fees. Generally, interest on late payments is 18% per annum. I am not sure what the maximum rate is that would be allowed for interest.